The Malta Development Bank (MDB) and the European Investment Bank (EIB) have kicked off an extensive collaboration project aimed at enhancing the ability of the MDB to support the Maltese economy and businesses. The MDB aims to accelerate the green transition in Malta by financing environmentally sustainable projects, which contribute to address climate change.
The first meeting between the two sides was held over the past days at the premises of the Malta Development Bank in Floriana. The MDB and EIB teams were led by Paul V Azzopardi, CEO of the MDB, and Nikolaos Tritaris, Senior Advisor at the EIB, respectively.
This collaboration is being facilitated through the Green Gateway advisory service, a joint project between the EIB – the EU Climate Bank – and the European Commission. Through this backing, the MDB will enhance its ability to identify, support, finance and report on the eligibility of green projects, including as an intermediary of the EIB, as well aligning itself to these high standards. The advisory service will also help the MDB to identify promising green market segments, client categories and investment types.
The Green Gateway project aims to pave the way for innovative financing solutions that drive positive environmental impact in the context of climate change.
The advisory collaboration ties up with a recent agreement signed with the EIB, through which the latter had agreed to provide MDB with a €30 million loan to finance small-scale green investments on favourable conditions.
In parallel, this advisory support will complement and build upon the MDB ESG Policy that was approved by the Bank’s Board of Directors towards the end of 2023. MDB’s ESG Policy reflects the twin approach taken by the Bank, in ensuring full integration of ESG standards in its own operations while ensuring that third party projects which are financed through the MDB contributes to an orderly transition to a sustainable economy and enhance social value.
Paul V Azzopardi, CEO of the Malta Development Bank said: “We are very grateful for the opportunity to expand our ability to support the Maltese economy to address the challenge of climate change. We are therefore strengthening our ability to be leaders in making this change happen and to play a major role in financing the transition of the Maltese economy to a low-carbon and climate-resilient economy.”